Register of Registrable Controllers in Singapore New Lodging Requirements

New Lodging Requirements as of 30 July 2020

Companies in Singapore will have a new responsibility in addition to the requirement of keeping a Register of Registrable Controllers (RORC).

They must now lodge the RORC information with ACRA’s central RORC too. ACRA (Accounting and Corporate Regulatory Authority) needs this to be done by 29 September 2020. The old requirement was for companies in Singapore to keep a RORC. The new requirements came into effect from 30 July 2020.

 

What Is An RORC?

A Register of Registrable Controllers is also referred to as the beneficial owners of a business entity. A RORC contains information that must be lodged with ACRA. RORC’s are kept with an authorised filing agent or at the office premises.

The new regulations will require businesses to lodge the following information with ACRA:

• Individuals
  • Full name
  • Aliases, if applicable
  • Date of birth
  • Residential address
  • Nationality
  • Identity card number or passport number
  • Date of becoming a controller
  • Date of cessation as a controller if applicable.
• Corporate Entities
  • Name
  • Unique entity number if applicable
  • The legal form of the corporate controller if applicable
  • Address of registered office
  • Date of becoming a controller
  • The jurisdiction where the corporate controller is formed of incorporated and under which law if applicable
  • Name of authority in which the corporate controller is formed or incorporated if applicable
  • Identification number or registration number issued to the corporate controller when it was formed or incorporate if applicable
  • Date of cessation as a controller if applicable.

The RORC information required for ACRA’s Central Register of Controllers is the same as the existing RORC information required under Part 2 of the Companies (Register of controllers and Nominee directors) Regulations 2017 and paragraph 3 of the Limited Liability Partnerships (Register of Controllers) Regulations 2017.

 

The New Register of Registrable Controllers Requirements

Steps to lodging your RORC can be found on ACRA’s website. It will be listed under the “Lodging RORC information with ACRA” section. The new approach is for authorised filing agents to update ACRA’s central RORC when any chances are made to the business RORC. This must be completed within 2 business days.

ACRA’s Practice Direction No. 3 of 2020 is available for PDF download. It contains a complete list of requirements to filing your RORC information. This new system enables ACRA to maintain the country’s reputation for being a trusted, global financial hub. It also contains a list of exempted entities.

The new requirements will enhance the transparency of a corporate entity’s ownership. Information will only be available to law enforcement agencies. The public will not be privy to information in the RORC.

 

How Do I Lodge My RORC?

If you are lodging your Register of Registrable Controllers yourself, you can do so through BizFile. Log into your account and follow the prompts to complete the processes. You do not need to pay any fees for lodging your information.

The information must be lodged with ACRA’s central register within 30 days from the date of 30 July 2020. Since Singapore has is only just coming out of its circuit breaker period, the deadline for this year has been extended to 30 September 2020.

For more information, you may contact 3E Accounting as your trusted filing agent. More information about the new RORC requirements is also available on ACRA’s website.